E-commerce Enablement Platform 'Windo' wins $6.45 Million in Series A
E-commerce enablement platform Windo is in the process of raising Rs. 54.2 crore (approximately $6.45 million) through its Series A funding round.
The board of Windo has approved a special resolution to issue 4,928 Series A compulsory convertible preference shares at an issue price of Rs. 1,10,124 each, aiming to raise Rs 54.26 crore, as indicated by its regulatory filing with the Registrar of Companies (RoC).
Leading this funding round is Sorin Investment Fund, an early-stage venture capital firm established by former KKR India CEO Sanjay Nayar, which has invested Rs. 27.56 crore. JAFCO Asia and Athera Ventures have also participated, contributing Rs. 12.53 crore and Rs. 8.35 crore, respectively.
The remaining capital will be provided by Unicorn Ventures and several individual investors, including Sai Kiran Murali, Sumit Jain, Chhaya Sawhney, Srikrishnan Ganesan, and Jayant Prasad Paleti.
According to the filings, the company intends to use these funds for its growth and expansion initiatives. Entrackr estimates that its post-allotment valuation will be around Rs. 245 crore ($29 million).
Founded by Rakesh Vaddadi and Silus Reddy, Windo allows solopreneurs, influencers, and small to medium-sized enterprises to set up online stores in a matter of minutes. The platform is user-friendly and offers essential features, including marketing tools and mobile responsiveness via its application.
Previously, Windo secured $2 million in Seed and pre-Series A Funding rounds in June 2021 and July 2022, respectively.
In the last fiscal year (FY24), the company reported revenues of Rs. 20.4 lakh, while incurring a loss of Rs. 2.8 crore. Prior to this, it was in the pre-revenue phase, as per its annual financial statements.
The e-commerce enablement sector faced significant competition during the 2020-21 period, with B Capital-backed Khatabook and OKCredit launching their own platforms. However, both companies eventually exited their e-commerce initiatives after a few years. Windo also competes with various other players in the market, including Dukaan, Shopify, Dot, and Bikayi. Following a near shutdown, Bikayi rebranded itself as Bik, shifting its focus.
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The board of Windo has approved a special resolution to issue 4,928 Series A compulsory convertible preference shares at an issue price of Rs. 1,10,124 each, aiming to raise Rs 54.26 crore, as indicated by its regulatory filing with the Registrar of Companies (RoC).
Leading this funding round is Sorin Investment Fund, an early-stage venture capital firm established by former KKR India CEO Sanjay Nayar, which has invested Rs. 27.56 crore. JAFCO Asia and Athera Ventures have also participated, contributing Rs. 12.53 crore and Rs. 8.35 crore, respectively.
The remaining capital will be provided by Unicorn Ventures and several individual investors, including Sai Kiran Murali, Sumit Jain, Chhaya Sawhney, Srikrishnan Ganesan, and Jayant Prasad Paleti.
According to the filings, the company intends to use these funds for its growth and expansion initiatives. Entrackr estimates that its post-allotment valuation will be around Rs. 245 crore ($29 million).
Founded by Rakesh Vaddadi and Silus Reddy, Windo allows solopreneurs, influencers, and small to medium-sized enterprises to set up online stores in a matter of minutes. The platform is user-friendly and offers essential features, including marketing tools and mobile responsiveness via its application.
Previously, Windo secured $2 million in Seed and pre-Series A Funding rounds in June 2021 and July 2022, respectively.
In the last fiscal year (FY24), the company reported revenues of Rs. 20.4 lakh, while incurring a loss of Rs. 2.8 crore. Prior to this, it was in the pre-revenue phase, as per its annual financial statements.
The e-commerce enablement sector faced significant competition during the 2020-21 period, with B Capital-backed Khatabook and OKCredit launching their own platforms. However, both companies eventually exited their e-commerce initiatives after a few years. Windo also competes with various other players in the market, including Dukaan, Shopify, Dot, and Bikayi. Following a near shutdown, Bikayi rebranded itself as Bik, shifting its focus.
